CenterPoint buys an industrial property near MIA for $30M

The property is part of the 200-acre South Florida Logistics Center

Mar.March 24, 2020 01:30 PM
CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center

CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center

UPDATED, March 26, 2:55 p.m.: CenterPoint Properties Trust bought an industrial property near Miami International Airport for $29.5 million.

Oak Brook, Illinois-based CenterPoint Properties purchased the 17.4-acre property at 3200 Northwest 67th Avenue for $1,695,402 per acre, records show. FDG Hialeah, tied to Florida East Coast Industries, sold the warehouse site.

The property is part of South Florida Logistics Center, a 200-acre logistics complex adjacent to Miami International Airport. It was developed by Florida East Coast Industries, the parent company to the high-speed Brightline train.

CenterPoint Properties has 326 properties or 61 million square feet of space, and focuses on logistics parks, according to its website.

In November 2018, FECI sold one part of South Florida Logistics Center to a subsidiary of JPMorgan Asset Management for $31 million.

Industrial remains one of South Florida’s hottest asset classes.

In 2019, industrial completions in Miami-Dade County reached an all-time high, according to a recent report by Avision Young. Over 5.6 million square feet of industrial product was added to the market, increasing local inventory by nearly 3 percent.

Correction: A previous version of this story incorrectly stated the square footage of the property and the price per square foot.

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